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- Alpha Creator Tesim:
- Mehra, Rajnish. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 389
- 关键词:
- Real interest rates, Debt, Equity, Equity premium puzzle, Rietz theory, Consumption, Risk aversion, and Fiat money
- 学科:
- H30 - Fiscal policies and behavior of economic agents - General, H63 - National budget, deficit, and debt - Debt ; Debt management, D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty, and E21 - Macroeconomics : Consumption, saving, production, employment, and investment - Consumption ; Saving ; Wealth
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- Alpha Creator Tesim:
- Chari, V. V., Kehoe, Patrick J., and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 365
- 关键词:
- Choice, Monetary policy, Economic policy, Macroeconomics, and Decision making
- 学科:
- D99 - Intertemporal choice and growth - Other, E61 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Policy objectives ; Policy designs and consistency ; Policy coordination, and D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty
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- Alpha Creator Tesim:
- Hopenhayn, Hugo Andres. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 374
- Abstract Tesim:
- The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium.
- 关键词:
- Stochastic optimization, Monotone Markov process, and Invariant Markov process
- 学科:
- C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis
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- Alpha Creator Tesim:
- Hopenhayn, Hugo Andres. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 299
- Abstract Tesim:
- The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium.
- 关键词:
- Stochastic optimization, Monotone Markov process, and Invariant Markov process
- 学科:
- C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis
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- Alpha Creator Tesim:
- Chari, V. V., Hopenhayn, Hugo Andres., and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 289
- 关键词:
- Employees, Unemployment, Workers, Information, and Labor
- 学科:
- E24 - Macroeconomics : Consumption, saving, production, employment, and investment - Employment ; Unemployment ; Wages ; Intergenerational income distribution ; Aggregate human capital and J24 - Demand and supply of labor - Human capital ; Skills ; Occupational choice ; Labor productivity
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- Alpha Creator Tesim:
- Kydland, Finn E. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 267
- Abstract Tesim:
- The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory.
- 关键词:
- Production, Business cycle , Work week, and Labor
- 学科:
- D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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- Alpha Creator Tesim:
- Kydland, Finn E. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 267
- Abstract Tesim:
- The neoclassical growth model studied in Kydland and Prescott [1982] is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If following Solow [1957], the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the post-war United States economy are close in magintude and nature to those predicted by theory.
- 关键词:
- Production, Work week, Labor, and Business cycle
- 学科:
- D50 - General equilibrium and disequilibrium - General and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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- Alpha Creator Tesim:
- Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 257
- 关键词:
- Information structure, Rothschild-Stiglitz insurance environment, Symmetric equilibria, Two stage game, Cooperative equilibrium, and Nash equilibrium
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information and D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Boyd, John H. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 272
- 描述:
"Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
- 关键词:
- Thrift institutions, Asset transformers, Financial intermediation, Commercial banks, Consumer finance companies, Private information, Core equilibrium, and Loan companies
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Boyd, John H. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 250
- 描述:
"Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
- 关键词:
- Thrift institutions, Asset transformers, Financial intermediation, Commercial banks, Consumer finance companies, Private information, Core equilibrium, and Loan companies
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Cole, Harold Linh, 1957- and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 524
- 关键词:
- Consumption and General equilibrium
- 学科:
- D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Prescott, Edward C. and Townsend, Robert M., 1948-
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 203
- Abstract Tesim:
- General competitive analysis is extended to cover a dynamic, pure-exchange economy with privately observed shocks to preferences. In the linear, infinite-dimensional space containing lotteries we establish the existence of optima, the existence of competitive equilibria, and that every competitive equilibrium is an optimum. An example illustrates that rationing and securities with contrived risk have an equilibrium interpretation.
- 关键词:
- Pure exchange, Lotteries, and Competitive equilibria
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information and D51 - General equilibrium and disequilibrium - Exchange and production economies
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- Alpha Creator Tesim:
- Boyd, John H. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 231
- 描述:
"Financial intermediary-coalitions" (WP 272) replaces "Financial intermediaries" (WP 231) and "Father of financial intermediary-coalitions" (WP 250).
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Hansen, Gary D. (Gary Duane) and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 507
- 描述:
Presented at the ASSA meetings in Anaheim, CA.
- 关键词:
- 1990, Productivity, Recession, 1991, Technological shocks, Labor, Technology shock, and Knowledge
- 学科:
- O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes and G14 - General financial markets - Information and market efficiency ; Event studies
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- Alpha Creator Tesim:
- Cooley, Thomas F., Hansen, Gary D. (Gary Duane), and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 535
- 关键词:
- Equilibrium and Business cycle
- 学科:
- E13 - General aggregative models - Neoclassical and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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- Alpha Creator Tesim:
- Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 385
- 关键词:
- Noncooperative game, Signalling environment, Adverse selection, and Rothschild-Stiglitz
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, C68 - Mathematical methods and programming - Computable general equilibrium models, D40 - Market structure and pricing - General, and C72 - Game theory and bargaining theory - Noncooperative games
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- Alpha Creator Tesim:
- Azariadis, Costas., Cooley, Thomas F., Prescott, Edward C., and Schmitz, James Andrew.
- Series:
- Productivity and the industrial revolution
- 关键词:
- Call for papers
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- Alpha Creator Tesim:
- Kehoe, Timothy Jerome, 1953-, Levine, David K., and Prescott, Edward C.
- Series:
- Endogenous incompleteness
- 关键词:
- General equilibrium theory, Lotteries, Incentive constraints, Asset market frictions, Moral hazard economies, and Adverse selection
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty, D84 - Information, knowledge, and uncertainty - Expectations ; Speculations, and D50 - General equilibrium and disequilibrium - General
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- Alpha Creator Tesim:
- Prescott, Edward C. and Ríos-Rull, José-Víctor.
- Series:
- Advances in dynamic economics
- Abstract Tesim:
- A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition. We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality. Moreover, the equilibrium can be readily found by solving a maximization program.
- 关键词:
- Equilibrium, Rational behavior, and Overlapping generations
- 学科:
- D51 - General equilibrium and disequilibrium - Exchange and production economies and E13 - General aggregative models - Neoclassical
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- Alpha Creator Tesim:
- Cavalcanti, Ricardo de Oliveira., Erosa, Andres., and Prescott, Edward C.
- Series:
- Finance, fluctuations, and development
- 关键词:
- Financial markets, Financial intermediation, Investment, Economic development, and Growth
- 学科:
- O16 - Economic development - Financial markets ; Saving and capital investment ; Corporate finance and governance and E22 - Macroeconomics : Consumption, saving, production, employment, and investment - Capital ; Investment ; Capacity
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- Alpha Creator Tesim:
- Hayashi, Fumio. and Prescott, Edward C.
- Series:
- Great depressions of the twentieth century
- 关键词:
- Growth, Productivity, and Stagnation
- 学科:
- O47 - Economic growth and aggregate productivity - Measurement of economic growth ; Aggregate productivity ; Cross-country output convergence, E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, E22 - Macroeconomics : Consumption, saving, production, employment, and investment - Capital ; Investment ; Capacity, and O53 - Economywide country studies - Asia including Middle East
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- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 313
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- Alpha Creator Tesim:
- Hopenhayn, Hugo Andres. and Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 374
- Abstract Tesim:
- The existence of fixed points for monotone maps on spaces of measures is established. The case of monotone Markov processes is analyzed and a uniqueness and global stability condition is developed. A comparative statics result is presented and the problem of approximation to the invariant distribution is discussed. The conditions of the theorems are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium.
- 关键词:
- Stochastic optimization, Monotone Markov process, and Invariant Markov process
- 学科:
- C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis
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- Alpha Creator Tesim:
- Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 271
- 关键词:
- Noncooperative game, Signalling environment, Adverse selection, and Rothschild-Stiglitz
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, D40 - Market structure and pricing - General, and C72 - Game theory and bargaining theory - Noncooperative games
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- Alpha Creator Tesim:
- Boyd, John H., Prescott, Edward C., and Smith, Bruce D., d. 2002.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 331
- 关键词:
- Noncooperative game, Signalling environment, Adverse selection, and Rothschild-Stiglitz
- 学科:
- D82 - Information, knowledge, and uncertainty - Asymmetric and private information, D40 - Market structure and pricing - General, and C72 - Game theory and bargaining theory - Noncooperative games
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- Alpha Creator Tesim:
- Prescott, Edward C.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 336
- 描述:
Also published in New approaches to monetary economics : proceedings of the Second International Symposium in Economic Theory and Econometrics / William A. Barnett, Kenneth J. Singleton.
- 关键词:
- Agents, Payment processing fees, and Payment methods
- 学科:
- G20 - Financial Institutions and Services: General
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- Alpha Creator Tesim:
- Parente, Stephen L. and Prescott, Edward C.
- Series:
- Economic growth and development
- Abstract Tesim:
- Technology change is modeled as the result of decisions of individuals and groups of individuals to adopt more advanced technologies. The structure is calibrated to the U.S. and postwar Japan growth experiences. Using this calibrated structure we explore how large the disparity in the effective tax rates on the returns to adopting technologies must be to account for the huge observed disparity in per capita income across countries. We find that this disparity is not implausibly large.
- 学科:
- O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes and O41 - One, Two, and Multisector Growth Models
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- Alpha Creator Tesim:
- Hansen, Gary D. (Gary Duane) and Prescott, Edward C.
- Series:
- Productivity and the industrial revolution
- 关键词:
- Industrial revolution, Growth, Economic development, and Living standards
- 学科:
- O10 - Economic development - General, O47 - Economic growth and aggregate productivity - Measurement of economic growth ; Aggregate productivity ; Cross-country output convergence, and O41 - One, Two, and Multisector Growth Models
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- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 406
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 396
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 350
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 309
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 294
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 369
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Quarterly Review (Federal Reserve Bank of Minneapolis)
-
- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 494
- 关键词:
- Intangible capital, Productivity, and Business cycles
- 学科:
- E13 - General aggregative models - Neoclassical and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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- Alpha Creator Tesim:
- Birkeland, Kathryn and Prescott, Edward C.
- Series:
- Working Papers (Federal Reserve Bank of Minneapolis)
- Number:
- 648
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- Alpha Creator Tesim:
- Prescott, Edward C. and Ríos-Rull, José-Víctor.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 329
- Abstract Tesim:
- Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal and the equilibrium price system is characterized. Such environments include many of those studied in the equilibrium search literature.
- 描述:
Replaced by WP 449.
- 关键词:
- Production, Search environment, Classical approach, Growth , and Competitive general equilibrium
- 学科:
- D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief and O21 - Development planning and policy - Planning models ; Planning policy
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- Alpha Creator Tesim:
- Prescott, Edward C. and Ríos-Rull, José-Víctor.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 329
- Abstract Tesim:
- Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal and the equilibrium price system is characterized. Such environments include many of those studied in the equilibrium search literature.
- 描述:
Replaced by WP 449.
- 关键词:
- Production, Search environment, Classical approach, Growth, and Competitive general equilibrium
- 学科:
- D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief and O21 - Development planning and policy - Planning models ; Planning policy
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- Alpha Creator Tesim:
- Prescott, Edward C. and Ríos-Rull, José-Víctor.
- Series:
- Working paper (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 329
- Abstract Tesim:
- Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal and the equilibrium price system is characterized. Such environments include many of those studied in the equilibrium search literature.
- 描述:
Replaced by WP 449.
- 关键词:
- Production, Search environment, Classical approach, Growth, and Competitive general equilibrium
- 学科:
- D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief and O21 - Development planning and policy - Planning models ; Planning policy
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- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Working Papers (Federal Reserve Bank of Minneapolis)
- Number:
- 694
- 关键词:
- Nonneutral technology change, Intangible capital, RBC models, Labor wedge, and Labor productivity
- 学科:
- E13 - General aggregative models - Neoclassical, E01 - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
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- Alpha Creator Tesim:
- McGrattan, Ellen R. and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 472
- 关键词:
- Taxation, Social Security, Retirement, and Medicare
- 学科:
- E13 - General aggregative models - Neoclassical, H55 - National government expenditures and related policies - Social security and public pensions, and I13 - Health Insurance, Public and Private
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- Alpha Creator Tesim:
- Mehra, Rajnish., Piguillem, Facundo., and Prescott, Edward C.
- Series:
- Working Papers (Federal Reserve Bank of Minneapolis)
- Number:
- 655
-
- Alpha Creator Tesim:
- Holmes, Thomas J. (Thomas Joseph), 1959-, McGrattan, Ellen R., and Prescott, Edward C.
- Series:
- Staff Reports (Federal Reserve Bank of Minneapolis)
- Number:
- 486
- 关键词:
- China, Quid Pro Quo, and FDI
- 学科:
- O34 - Intellectual Property Rights, F23 - Multinational Firms; International Business, O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes, and F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics
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- Alpha Creator Tesim:
- Prescott, Edward C.
- Series:
- Quarterly Review (Federal Reserve Bank of Minneapolis)
-
- Alpha Creator Tesim:
- Hayashi, Fumio and Prescott, Edward C.
- 描述:
Data supporting the chapter "The 1990s in Japan: A Lost Decade."
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- Alpha Creator Tesim:
- Kehoe, Timothy J. and Prescott, Edward C.
- 描述:
Data supporting the chapter "Great Depressions of the Twentieth Century."
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- 描述:
Each chapter of the book is accompanied by a data file that contains all of the data used in the analysis. This collection also provides links to computer programs for applying the methodology.
The worldwide Great Depression of the 1930s was a watershed for both economic thought and economic policymaking. It led to the belief that market economies are inherently unstable and to the revolutionary work of John Maynard Keynes. Its impact on popular economic wisdom is still apparent today.
This book, which uses a common framework to study sixteen depressions, from the interwar period in Europe and America as well as from more recent times in Japan and Latin America, challenges the Keynesian theory of depressions. It develops and uses a methodology for studying depressions that relies on growth accounting and the general equilibrium growth model.
0Collections19Works -
- Alpha Creator Tesim:
- Kehoe, Timothy J. and Prescott, Edward C.
- Series:
- Staff Report (Federal Reserve Bank of Minneapolis. Research Dept.)
- Number:
- 418
- Abstract Tesim:
- Three of the arguments made by Temin (2008) in his review of Great Depressions of the Twentieth Century are demonstrably wrong: that the treatment of the data in the volume is cursory; that the definition of great depressions is too general and, in particular, groups slow growth experiences in Latin America in the 1980s with far more severe great depressions in Europe in the 1930s; and that the book is an advertisement for the real business cycle methodology. Without these three arguments — which are the results of obvious conceptual and arithmetical errors, including copying the wrong column of data from a source — his review says little more than that he does not think it appropriate to apply our dynamic general equilibrium methodology to the study of great depressions, and he does not like the conclusion that we draw: that a successful model of a great depression needs to be able to account for the effects of government policy on productivity.
- 描述:
In 2008, Peter Temin wrote a review of the book that appeared in the Journal of Economic Literature. This staff report and accompanying data file are in response to the review.
Citation for review: Temin, Peter. 2008. "Real Business Cycle Views of the Great Depression and Recent Events: A Review of Timothy J. Kehoe and Edward C. Prescott's Great Depressions of the Twentieth Century." Journal of Economic Literature, 46 (3): 669-84. DOI: https://doi.org/10.1257/jel.46.3.669